XRP Holds Macro Bullish Structure, but Price Must Close Above $3.12 to Confirm Market Bottom

XRP must close above $3.12 daily to confirm a market bottom and continue its bullish structure.

Key support lies at $2.65; a break below this level could weaken XRP’s mid-term bullish setup.

XRP futures open interest rises to $788M as ETF speculation fuels institutional and retail demand.

XRP continues to trade within a clearly defined macro bullish structure, with the focus now shifting to a micro-level confirmation. A daily candle close above $3.12 is required to validate that the recent low is established. Until then, $2.65 remains in play as a possible downside target.

Macro Structure Holds as Price Trades Near Key Levels

According to analysis prepared by EGRAG Crypto via X, XRP’s broader bullish formation remains intact. The long-term cycle chart highlights historical trends from 2013 through 2025, showing price behavior during peak cycles and mid-cycle tops. These formations suggest a sustained uptrend if key technical conditions are met.

Price currently moves within a bullish pennant formation, with $7.5 as the projected target and $1.20 as a breakout entry zone. The $3.12 level now represents a short-term confirmation point. A close above it on the daily timeframe would support the thesis that the market bottom has been set.

Source: AliCharts(X)

If that close fails to occur, then the $2.65 support remains valid. A break below $2.65 on the mid-timeframe (MTF) could weaken the setup. According to a separate observation by analyst Ali Charts, additional support may emerge in the $2.55–$2.40 zone.

Trading Activity and Market Sentiment Remain Active

XRP was trading at $2.96 at the time of writing, reflecting a 1.15% daily gain, with a market cap of $175.82 billion. The trading volume over 24 hours reached $6.92 billion, though it showed a 14.26% decline from the previous day. XRP remains ranked #3 by market cap.

Source: CoinMarketCap

Meanwhile, futures activity continues to grow. According to CME, open interest in XRP futures hit $788 million on July 24. Market speculation around a potential Ripple ETF also continues, with Polymarket showing an 86% probability of approval before 2025 ends.

A trader recently opened a $500,000 short against XRP, expecting a correction from recent highs. However, other analysts expect a recovery, projecting price targets as high as $10 in upcoming sessions.

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